UNIQA MULTI-PROJECT FACILITY INCREASE

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Project ID 33798

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Sub-projects

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Project ID 33798

Status Complete

Location

Regional

Business Sector

Notice Type

Private

Environmental Category

Approval Date

01 Jul 2003

Disclosure date

06 Jun 2003

As per section 1.4.2 (iii) of the Directive on Access to Information: "For Projects approved by Bank management where the Board of Directors has delegated the approval authority, the PSD shall be disclosed at the start of the relevant no-objection notification period to a member country of the Bank in accordance with Article 13 (iii) of the Agreement Establishing the EBRD."

Project Description

Extension of the original UNIQA MPF, signed on 20 March 1998, from ?18.8 million to ?70 million. The MPF will continue to provide equity funding for eligible insurance companies in the context of establishment, development and acquisition. The original MPF was limited to 5 countries only and the availability period has lapsed. The new MPF will be available in all the Bank's countries operations, the investment period until the end of 2007.

The first two sub-investments in Poland would support the solvency of UNIQA TU and UNIQA Zycie and enable the companies to become more significant market participants in non-life and life insurance sectors respectively.

Transition Impact

The UNIQA MPF has to date had a positive impact on the transition process. So far, EBRD has invested in UNIQA subsidiaries in Croatia and Czech Republic, facilitating the provision of:

foreign know-how to the sub-projects,
capital to local capital markets,
improved professional standards, reputation and credibility of local insurers and their products, and
insurance services to SMEs.

Despite the transition impact already demonstrated by this project there still remains scope for furthering this impact both in existing and new markets.In Poland, the EBRD still has a significant role to play in the insurance sector.

In Poland, the EBRD still has a significant role to play in the insurance sector. In accordance with its Country Strategy for Poland, the EBRD shall actively contribute to the consolidation of the dispersed insurance market/financial services sector. By supporting UNIQA in consolidating the ownership of insurers, the EBRD is facilitating competition in the Polish insurance sector.

The Client

UNIQA Versicherungen AG (UNIQA) as the sponsor for the MPF.
Respective UNIQA subsidiaries as sub-investments, including UNIQA TU (non-life insurance company) and UNIQA Zycie (life insurance company) in Poland.

EBRD Finance

The project will consist of a €70 million MPF to be invested in the equity capital of UNIQA’s insurance subsidiaries in the EBRD countries of operation. This represents a €51.2 million increase to the original MPF of €18.8 million.

There will be two immediate sub-investments under this MPF consisting of the subscription of 30% capital and voting rights in each UNIQA TU and UNIQA Zycie for up to respectively €25 million and €7 million.

Project Cost

The MPF will be increased by €51.2 million to €70 million.

Environmental Impact

UNIQA has been managing its sub-investments under the MPF in accordance with EBRD’s environmental guidelines for MPFs in the insurance sector and will continue to do so. These guidelines cover environmental due diligence on new sub-investments as well as the management of any environmental issues associated with insurance products and investments. Annual environmental reporting to EBRD on sub-investments has been satisfactory. None of the sub-project companies’ investment portfolios show significant exposures to environmentally sensitive industries and is in compliance with the Bank's FI Environmental Exclusion List.

The insurance product portfolios of UNIQA TU and UNIQA Zycie are environmentally low risk with a focus on motor, residential property, personal accident, and life, and policies do not provide coverage for environment-related damages or cumulative injury risk. Environmental risk associated with their asset management is also low.

Technical Cooperation

None.

Company Contact

UNIQA International Insurance Holding GmbH
Untere Donaustrasse 25, A – 1021 Vienna
Phone: +43 1 211 75 2600

Transition impact

ETI Score:40

PSD last updated

01 Feb 2019

Business opportunities

For business opportunities or procurement, contact the client company.

For state-sector projects, visit EBRD Procurement: Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

EBRD project enquiries not related to procurement:
Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

Public Information Policy (PIP)

The PIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations. Please visit the Public Information Policy page below to find out how to request a Public Sector Board Report.
Text of the PIP

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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